Core Viewpoint - The report from Zhongyou Securities highlights the structural demand for high-end PCBs driven by emerging computing scenarios such as high-speed switches and AI servers, with Huadian Co., Ltd. achieving a net profit of 2.718 billion yuan in the first three quarters, representing a year-on-year increase of 47.03% [1] Group 1: Financial Performance - Huadian Co., Ltd. reported a net profit of 1.035 billion yuan in Q3, reflecting a year-on-year growth of 46.25% and a quarter-on-quarter increase of 12.44% [1] - The company's net profit for the first three quarters reached 2.718 billion yuan, marking a significant year-on-year increase [1] Group 2: Market Demand and Production Capacity - The demand for PCBs is expected to grow due to the modular construction needs of complex systems, with the cabinet PCB orthogonal backplane solution anticipated to accelerate implementation [1] - A new expansion project for high-end printed circuit boards, supporting AI chip production, was initiated in June 2023, with an investment of 4.3 billion yuan and expected to commence production in the second half of 2024 [1] - The Thai production base of Huadian entered small-scale production in Q2 2023, gaining formal recognition from clients in the AI server and switch application fields, with capacity gradually being released [1] Group 3: Investment Rating - The report maintains a "Buy" rating for Huadian Co., Ltd. based on its strong financial performance and growth prospects in the high-end PCB market [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][10] Core Insights - The demand for high-end PCBs is continuously driven by high-speed switches and AI servers, with the company achieving a revenue of 13.512 billion yuan in the first three quarters, a year-on-year increase of 49.96%, and a net profit of 2.718 billion yuan, up 47.03% year-on-year [2] - The introduction of cabinet PCB orthogonal backplanes is expected to open new market opportunities due to their high-density interconnection capabilities, which meet the needs of multi-module data interaction [2] - The company is actively investing in capital expenditures, with cash payments for fixed assets and other long-term assets amounting to approximately 2.104 billion yuan in the first three quarters of 2025, and plans for a new AI chip supporting high-end PCB expansion project [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 18.81 billion yuan, 24.26 billion yuan, and 30.42 billion yuan respectively, with net profits expected to be 3.81 billion yuan, 5.32 billion yuan, and 6.78 billion yuan [4][6] - The company is expected to maintain a strong growth rate, with revenue growth rates of 49.26% in 2024, 40.96% in 2025, and 29.01% in 2026 [6][9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.98 yuan, 2.76 yuan, and 3.52 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 32.11, 23.01, and 18.05 [6][9]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, citing sustained high prosperity driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (November 10-16, 2025) saw the Shanghai Composite Index decline by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 4.77% [2][12]. - Within the telecommunications sub-sectors, communication engineering and services had the highest increase at 1.57%, while communication network equipment and devices faced the largest decline at 6.98% [2][15]. - Notable individual stock performances included "Online and Offline" with a rise of 46.55%, followed by Zhongfutong at 30.69% and Meilixin at 11.87% [2][17]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high demand for core chips, which is becoming a bottleneck for the performance expansion of domestic and international module manufacturers. The supply-demand balance for optical chips is expected to remain tight until the first half of 2026, maintaining high product prices [3]. - Huawei is set to release a groundbreaking AI technology on November 21, which could significantly improve the utilization efficiency of computing resources from the current 30%-40% to 70%, enhancing the penetration of domestic computing chips in the market [3]. Satellite Industry - The upcoming launch of the "Zhuque-3" reusable rocket is anticipated to be a milestone for China's space capabilities, aiming to reduce launch costs to below 20,000 RMB per kilogram, comparable to SpaceX's Falcon 9 [4]. Key Announcements - Meta Platforms plans to invest over $600 billion in AI infrastructure in the U.S. over the next three years, aiming to enhance its computing capabilities and support local economies [19]. - China successfully launched 13 low-orbit satellites for internet connectivity, marking a significant achievement in its commercial space endeavors [22]. - The Ministry of Industry and Information Technology (MIIT) is accelerating the construction of manufacturing pilot platforms, focusing on AI and quantum technology [25]. Company Highlights - CoreWeave reported a significant increase in customer order backlog, reaching $55.6 billion, nearly double from the previous quarter, despite a slight downward adjustment in revenue guidance due to delays in third-party data center construction [27]. - Baidu announced the launch of its next-generation Kunlun chips, aimed at optimizing large-scale inference and multi-modal model training [28]. - LightCounting reported that optical module suppliers are actively expanding capacity in response to increased demand from cloud computing companies [30].

Core Viewpoint - The company Huadian Co., Ltd. (002463) has successfully held its first extraordinary general meeting of shareholders in 2025, approving several key resolutions including the issuance of H-shares and amendments to corporate governance [1]. Group 1: Stock Performance - As of November 18, 2025, Huadian Co., Ltd. closed at 63.02 yuan, up 0.99% from the previous trading day, with a total market capitalization of 121.27 billion yuan [1]. - The stock opened at 61.89 yuan, reached a high of 64.68 yuan, and a low of 61.72 yuan, with a trading volume of 2.67 billion yuan and a turnover rate of 2.19% [1]. Group 2: Shareholder Meeting Resolutions - The extraordinary general meeting held on November 17, 2025, had a shareholder representation of 50.9290% of the total share capital [1]. - Key resolutions passed include: - The proposal to not establish a supervisory board - Amendments to the company’s articles of association and related governance systems - Election of directors and independent non-executive directors - Approval for the issuance of H-shares and listing on the Hong Kong Stock Exchange, including the issuance plan and use of raised funds [1]. - The board was authorized to handle all matters related to the H-share issuance and listing, and the company’s articles of association were revised accordingly [1].

Group 1 - On November 17, Huadian Co., Ltd. saw a stock price increase of 1.28% with a trading volume of 2.603 billion yuan, and a net financing purchase of 87.99 million yuan [1] - As of November 17, the total margin balance for Huadian Co., Ltd. reached 2.717 billion yuan, with a financing balance of 2.705 billion yuan, accounting for 2.25% of the circulating market value, indicating a high level compared to the past year [1] - The company repaid 2,300 shares of margin loans and sold 4,600 shares on November 17, with a margin balance of 12.11 million yuan, also indicating a high level compared to the past year [1] Group 2 - As of September 30, Huadian Co., Ltd. had 162,000 shareholders, an increase of 26.43% from the previous period, while the average circulating shares per person decreased by 20.88% [2] - For the period from January to September 2025, Huadian Co., Ltd. reported a revenue of 13.512 billion yuan, a year-on-year increase of 49.96%, and a net profit attributable to shareholders of 2.718 billion yuan, a year-on-year increase of 47.03% [2] - The company has distributed a total of 4.112 billion yuan in dividends since its A-share listing, with 2.204 billion yuan distributed in the last three years [2] Group 3 - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Huadian Co., Ltd., holding 141 million shares, an increase of 17.244 million shares from the previous period [3] - Huatai-PineBridge CSI 300 ETF was the fourth-largest circulating shareholder, holding 23.004 million shares, a decrease of 1.0366 million shares from the previous period [3] - New shareholders include Yongying Technology Smart Selection Mixed Fund A, holding 13.0009 million shares, while other major shareholders saw fluctuations in their holdings [3]

沪士电子股份有限公司 2025 年第一次临时股东会决议公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-072 沪士电子股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 11 月 17 日（星期一）14:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2025 年 11 月 17 日 09:15 至 15:00。 2、现场会议召开地点：昆山市黑龙江北路 8 号御景苑二楼会议室 公司董事长陈梅芳女士以视频方式出席本次股东会，本次股东会由副董事长吴传 林先生主持。 本次股东会的召开符合《中华人民共和国公司法》及《公司章程》的规定。 二、会议 ...

国浩律师（南京）事务所 关 于 沪士电子股份有限公司 2025 年第一次临时股东会 之 法律意见书 南京市汉中门大街 309 号 B 座 5、7、8 层 邮编：210036 5、7、8th Floor, Block B, 309 Hanzhongmen Street, Nanjing 210036, China 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 8966 0966 网址/Website: http://www.grandall.com.cn 2025 年 11 月 国浩律师(南京)事务所 法律意见书 目 录 | 一、 | 关于本次临时股东会的召集、召开程序 | 2 | | --- | --- | --- | | 二、 | 关于本次临时股东会出席人员的资格和召集人资格 | 3 | | 三、 | 关于本次临时股东会的表决程序及表决结果 | 4 | | 四、 | 结论意见 | 20 | | 签署页 | | 21 | 1 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 关于沪士电子股份有限公司 2025年第一次临时股东会之法律意见书 致：沪士电子股份有限公司 ...

Investment Ratings - The investment ratings for the companies discussed are all "Buy" with target prices set for VGT at Rmb407.0, WUS at Rmb98.0, and DSBJ at Rmb95.0 [9][11][7]. Core Insights - The PCB industry is experiencing structural growth driven by AI demand, with companies like VGT, WUS, and DSBJ positioning themselves to capitalize on this trend [2][3][6]. - VGT expects a return to normal production levels in 4Q25 after a transition impact in 3Q25, with significant revenue growth anticipated from its largest AI customer in 2026 [1][2]. - WUS highlights that while funds and equipment are not bottlenecks for capacity expansion, human resources may pose challenges [3]. - DSBJ is set to benefit from the AI cycle, with expectations for breakeven in its Thailand FPCB business and a turnaround in precision components by 2026 [6]. Company Summaries VGT (Victory Giant) - VGT has accelerated capacity expansion for 2026-2027, with most equipment booked and an increase in localization rates [2]. - The company anticipates meaningful contributions from CSP clients in 2026, despite small batch production in 4Q25 [2]. WUS - WUS faces fierce competition in the mid-to-low end PCB market, with AI driving structural growth [3]. - The company reported a loss of approximately Rmb40 million in its Thailand plant in 3Q25, but noted improvements in product quality and employee proficiency [3]. DSBJ (Dongshan Precision) - DSBJ is focusing on AI infrastructure opportunities through its RPCB and optical transceiver businesses, with a significant capacity expansion plan of US$1 billion [6]. - The company plans to dispose of its LED business this year and expects revenue growth from key smartphone customers [6].

Investment Rating - The report maintains a "Buy" rating for key companies in the optical module industry, including Zhongji Xuchuang and Xinyi Sheng [10]. Core Viewpoints - The optical module industry is experiencing a "volume increase and price increase" trend, driven by high global computing power demand, particularly for 1.6T optical modules, which have seen significant price increases [1][19]. - The retail price of 1.6T optical modules has risen from approximately $1200 at launch to over $2000, indicating a strong supply-demand imbalance [2][20]. - The price decline of 800G and lower-speed optical modules has slowed, with some products stabilizing or even increasing in price due to sustained demand and improved production capabilities [3][24]. Summary by Sections Demand Drivers - The demand for 1.6T optical modules has been continuously revised upward by major overseas clients, leading to a tight supply-demand relationship and significant price increases [2][20]. - The limited number of manufacturers capable of mass-producing 1.6T optical modules, primarily top companies like Zhongji Xuchuang and Xinyi Sheng, contributes to the supply constraints [2][23]. Price Trends - The price decline for 800G and lower-speed optical modules has slowed, with the market experiencing a unique situation where demand growth outpaces historical price declines [3][25]. - The transition of 800G optical modules from development to accelerated mass production is stabilizing prices, with suppliers focusing on cost control and production capacity [3][25]. Capital Expenditure and Industry Expansion - Major cloud service providers are increasing their capital expenditures, with Google raising its 2025 capex guidance from $85 billion to $91-93 billion, indicating strong ongoing demand for computing power [4][29]. - Optical module manufacturers are actively expanding production capacity to meet the growing demand, with improvements expected in the supply of core optical chips and components [4][29]. Investment Recommendations - The report recommends focusing on key players in the computing power supply chain, particularly in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng, as well as related companies in optical devices and cooling solutions [8][13].

Core Viewpoint - The report from Great Wall Securities indicates that the high demand for AI is driving an increase in PCB board demand, leading to stable growth in the performance of Huadian Co., Ltd. [1] Group 1: Industry Insights - By the third quarter of 2025, emerging computing scenarios such as high-speed computing servers and artificial intelligence are expected to continuously enhance the structural demand for PCB boards [1] - The company is maintaining high R&D investment and increasing capital expenditure to expand production capacity [1] Group 2: Company Performance - The Thai factory is set to continuously improve its production efficiency and orderly release capacity, supporting the long-term development of the company's business [1] - With ongoing product development and accelerated construction of overseas production capacity, the company is expected to see positive performance growth in the future, maintaining a "buy" rating [1]